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Market Direction

MINA, ARB, SHDW, SNX and SYN updates

Updated: Aug 23, 2024
Published: Jan 9, 2024
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If we were looking to add Long/Buy orders we'd be targeting the Yellow box between $ 1.44 and $1.51.

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MINA update

  • Mina has broken beneath it's uptrend line and lost the key horizontal level of $1.28.
  • Price has now nicely filled the yellow box and moved higher from there.
  • The crucial support to hold is the horizontal level of $0.93.
  • If price can reclaim $1.28, then this would open the door for a more extended move to $1.73.
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Cryptonary's take

If you're a long-term fan of MINA, the Yellow box, and down to $0.93 would be the ranged area to continue to DCA and to add to your bags


ARB update

  • Finally, this has got going and is now undergoing a healthy pullback.
  • What's pivotal for price will be to maintain the uptrend line and then attempt to break out from the local downtrend line.
  • The Yellow box is beneath the uptrend line, and therefore, this would likely be a good zone to fill Long/Buy orders, but you'd likely have to be quick and then hope that price can quickly reclaim the uptrend line.
  • The 3D and Weekly RSI is overbought here, so that is one thing to be wary of.
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Cryptonary's take

It's possible that ARB breaks out of its downtrend line and at least forms a double top, if not slightly higher, before making a more meaningful decline.


SHDW update

  • A coin we personally like that we think can be a monster for the next bull run.
  • So far, price has respected the main uptrend line and the major horizontal support of $1.05. This is SHDW's main buying level in the short term.
  • Currently, the horizontal resistance of $1.70 is the level to break above if SHDW wants to see more meaningful upside.
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Cryptonary's take

Likely to be a big winner in the next bull run, anything sub $1.05 would be a great long-term entry for SHDW.

This is a play we may be buying up with size over the coming few months.


SNX Update

  • SNX has broken beneath its main uptrend line and the horizontal line of $3.67, which is a key level of convergence.
  • So far, the Yellow box has provided a key area of support. Ideally, we need to see price bounce from this level.
  • The horizontal resistance of $3.67 will be the first target if price can bounce from the Yellow box.
  • If price can bounce and then climb above $3.67, this may open the door for a move to $4.15.
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Cryptonary's take

Once a coin is out of its main uptrend, it is no longer traded by the bots and, therefore, it usually just shows general weakness. However, if there is a positive ETF decision for BTC tomorrow, we expect the market to rally, and this could give SNX the fuel to bounce from the Yellow box, where the target would be $3.67.


SYN update

  • Initially bounced from the Yellow box, and now slightly in free fall mode.
  • A big support range between $0.33 and $0.36 would be the zone you could add to your bags.
  • The RSI is clean and not overbought on any major timeframes.
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Cryptonary's take

If we were  big fans of SYN and had a big bag, we would likely not add to the bag.

However, if you are happy to add size to your SYN bag, we'd consider adding between $0.33 and $0.36 as a buying zone/range.

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